$100.000M CLECO Securitization II LLC 2025-A, Tranche A-1

Summary

Pricing Date: Tuesday, March 11^th, 2025
Senior Manager: J.P. Morgan
Co-Managers: SMBC NIKKO
Financial Advisor: Estrada Hinojosa

Market Conditions

• Treasuries opened just 1bp weaker on March 11^th after March 10th FTQ rally. That didn’t last long as data and headline news (50% Tariffs on Canada) sparked a volatile TSY/Equities trade. On the day, US TSY 10’s had tagged 4.15% in the overnight, opened the stateside trade at 4.23%, rebounded to 4.19% only to fade to 4.26% and then rebound again to 4.228%.

Transaction Highlights

• The book was Subscribed by .98x, with 6 accounts submitting orders.
• The A-1 bonds, which have an average life of 5.4 years, were priced at 70 basis points above the 5 year Treasury rate as follows: 3.98% + 0.70% spread = 4.68%
• The overall rate for the combined bond structure is 5.249%.

$205.000M CLECO Securitization II LLC 2025-A, Tranche A-2

Summary

Pricing Date: Tuesday, March 11^th, 2025
Senior Manager: J.P. Morgan
Co-Managers: SMBC NIKKO
Financial Advisor: Estrada Hinojosa

Market Conditions

• Treasuries opened just 1bp weaker on March 11^th after March 10th FTQ rally. That didn’t last long as data and headline news (50% Tariffs on Canada) sparked a volatile TSY/Equities trade. On the day, US TSY 10’s had tagged 4.15% in the overnight, opened the stateside trade at 4.23%, rebounded to 4.19% only to fade to 4.26% and then rebound again to 4.228%.

Transaction Highlights

• The book was oversubscribed by 2.58x, with 22 accounts submitting orders, and more than 20 additional accounts expressing interest during the order period.
• The A-2 bonds, with an average life of 15.53 years, were priced at 80 basis points above the 20-year Treasury rate as follows: 4.546% + 0.80% spread = 5.346%
• The overall rate for the combined bond structure is 5.249%.